Group 1 - Tianyue Advanced (02631.HK) has launched its H-share IPO, with the offering period from August 11 to August 14, and is expected to list on the Hong Kong Stock Exchange on August 19 [1] - The company plans to issue 47.7457 million H-shares globally, with 95% allocated for international offering and 5% for public offering, and an overallotment option of 15% [1] - The expected price per share is HKD 42.80, with a total fundraising target of approximately HKD 2.044 billion, and a net amount of about HKD 1.938 billion after expenses [1] Group 2 - The company has attracted a strong lineup of cornerstone investors for its IPO, raising a total of approximately HKD 740.2 million from five investors, including Jinan Energy Group and Future Asset Securities [2] - Tianyue Advanced specializes in wide-bandgap semiconductor materials, focusing on the research and industrialization of silicon carbide substrates, ranking among the top three global manufacturers with a market share of 16.7% [2] - The company's silicon carbide materials support key industries such as renewable energy and AI, with applications in electric vehicles, AI data centers, photovoltaic systems, and advanced communication bases [2] Group 3 - The company is recognized for its technological innovation, strong production capacity, and effective management, leading advancements in the silicon carbide industry [3] - It is one of the few companies capable of mass-producing 8-inch silicon carbide substrates and has pioneered the commercialization of substrates from 2 inches to 8 inches, as well as the introduction of 12-inch substrates [3] - The company has established strategic partnerships, including collaboration with OmniLight for the industrialization of silicon carbide optical waveguide lenses [2][3]

Core Insights - Tianyue Advanced has begun bulk supply of silicon carbide substrate materials to the Japanese market, with projected overseas revenue of 840 million yuan in 2024, a year-on-year increase of 104.43%, accounting for 47.53% of total revenue [1] - The company holds a 22.80% market share, making it the second-largest silicon carbide substrate manufacturer globally, with increasing brand recognition in international markets [1] - The shift in semiconductor manufacturers in Japan and Europe towards Chinese substrates due to price and quality advantages is expected to enhance market share [1] Group 1: Technological Leadership - Tianyue Advanced has established significant technological advantages in the silicon carbide industry, with a total of 194 invention patents and 308 utility model patents, ranking among the top five globally [2] - The company recently won a prestigious award for its revolutionary breakthroughs in silicon carbide substrate technology, marking a historic achievement for Chinese enterprises in the semiconductor materials field [2] - The company has achieved mass supply of 8-inch conductive substrates and is set to launch the industry's first 12-inch silicon carbide substrate in November 2024 [2] Group 2: Production Capacity and Expansion - Tianyue Advanced has built two major production bases in Jinan, Shandong, and Lingang, Shanghai, with an annual production capacity exceeding 400,000 pieces [4] - The Shanghai Lingang factory has a production capacity of 300,000 conductive substrates per year, with plans for future capacity enhancements [4] - The company is also planning to establish factories overseas to further expand its production capabilities [5] Group 3: Market Demand and Applications - The demand for silicon carbide is rapidly increasing in downstream applications such as electric vehicles, photovoltaic power generation, energy storage, and AI, with nearly 80% of current demand coming from the electric vehicle sector [6] - The global power semiconductor market is projected to grow 7.4 times by 2035, reaching 2.9 trillion yen (approximately 150 billion RMB), with silicon carbide expected to play a significant role beyond electric vehicles [6] - Tianyue Advanced is actively entering the AR glasses market, anticipating significant growth in the AI glasses industry, with global shipments expected to exceed 60 million units by 2030 [6][7] - A strategic cooperation agreement has been signed with Sunny Optical to focus on the mass production of silicon carbide optical waveguide lenses, further broadening the company's growth avenues [7]

| 插播： | | 天科合达、天岳先进、同光股份、烁科晶 | | --- | --- | --- | | 体、合盛新材料、三安半导体、东尼电子、中电化合物、芯聚能、安海半导体、凌锐半导体、士兰微、泰 | | | | 坦未来、恒普技术、华卓精科、快克芯装备、京航特碳、奥亿达半导体及成都炭材等已确认参编《2025 | | | | 碳化硅衬底与外延产业调研白皮书》及《2025碳化硅器件与 模块产业调 | | | | 研白皮》， | 参编咨询 | 请联系许若冰 | | （hangjiashuo999）。 | | | 自2024年Meta宣布其AR眼镜采用碳化硅光波导镜片以来，这一动向迅速成为行业焦点，一场由材料革 新驱动的AR眼镜升级潮已然爆发。 值得关注的是，XREAL、雷鸟创新、慕德微纳、广纳四维等AR眼镜及硬件厂商已在加速碳化硅光波导布 局，与此同时，天岳先进、天科合达、烁科晶体、同光半导体、浙江晶瑞、山西天成、乾晶半导体等碳化硅 衬底企业也在迅速跟进，整个行业呈现出极高的技术热情与市场活力。 然而，碳化硅光波导的规模化应用仍面临关键掣肘——衬底成本。为破解这一难题，本期【产业透视】深 度对话 天岳先进、天科合 ...